’We will accelerate our efforts to deliver advanced and efficient cyber insurance solutions,’ says chief executive
Insurer Zurich has invested $60m (£46.65m) in cyber insurance provider Cowbell.
US-based Cowbell officially entered the UK market in mid-2023 and tailors its solutions towards small and medium sized enterprises (SMEs).
With investment from Zurich, the firm plans to scale operations to meet demand, extend its presence in international markets, bolster cyber resilience services, introduce new products to the market and further strengthen strategic partnerships.
Jack Kudale, founder and chief executive of Cowbell, said: “This investment from Zurich is the strongest endorsement of Cowbell’s vision and capabilities yet and deepens our footprint in the global cyber insurance market.
“With a refined focus on product expansion, we will accelerate our efforts to deliver advanced and efficient cyber insurance solutions to SMEs and mid-market businesses globally, ensuring they have the protection and tools they need to navigate the rising threats in the evolving cyber landscape.”
Threats
The latest investment has taken Cowbell’s total raise to $202m (£157m).
Read: UK SMEs are leaving themselves open to cyber threats – Cowbell
Read: Cowbell extends UK cyber coverage to mid-market businesses
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It comes as figures suggest that cyber crime is estimated to reach $24trn (£18.67trn) by 2027 – ransomware attacks alone cost small businesses $1.7m (£1.32m) per incident on average.
Sierra Signorelli, chief executive of commercial insurance at Zurich, said: “Cyber threats remain a major concern for business leaders due to their constantly evolving nature. To address this, we continue to invest in enhancing our cyber capabilities and building a strong support system for our customers.
“Cowbell is an excellent partner for managing cyber risks. They use a data-centric approach to risk management, provide continuous risk assessments, actively monitor threats and have strong underwriting expertise.
”And all of this is centred around a highly advanced digital platform designed to boost cyber resilience for their customers.”
His career began in 2019, when he joined a local north London newspaper after graduating from the University of Sheffield with a first-class honours degree in journalism.
He took up the position of deputy news editor at Insurance Times in March 2023, before being promoted to his current role in May 2024.View full Profile
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